NEW YORK (MarketWatch) -- Fairchild Semiconductor (FCS) on Wednesday said it expects sales to be flat to down slightly, reduced from its earlier description of "flattish" sales. Orders in May were "slightly lower" than April and below expectations, the compay said. Fairchild reduced its forecast for gross margins to now be 100 - 200 basis points lower sequentially, compared to the earlier flat-to-slightly higher view. Shares of Fairchild Semiconductor fell 10 cents to $14.30 on Tuesday.

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